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Lesaka FY2026 Results: Delivers guidance across all metrics, exceeds Adjusted EPS and achieves GAAP profitability
Lesaka Technologies Inc.
Registered in the state of Florida, USA
(IRS Employer Identification No. 98-0171860)
Nasdaq share code: LSAK
JSE share code: LSK
LEI: 529900J4IZMWV4RDEB07
ISIN: US64107N2062
(“Lesaka,” or the “Company”)
Lesaka FY2026 Results: Delivers guidance across all metrics, exceeds Adjusted EPS and achieves GAAP profitability
JOHANNESBURG, September 10, 2026 – Lesaka (Nasdaq: LSAK; JSE: LSK) today released results for the fourth quarter (“Q4
2026”) and full year of fiscal 2026 (“FY2026”).
FY2026 performance1:
All growth rates are year-on-year between FY2026 and fiscal year 2025 (“FY2025”).
USD ZAR
(In thousands, except per (In thousands, except per
Group Level share data) share data)
FY26 FY25 FY26 FY25 YoY%
Revenue 721,554 659,701 12,180,962 11,980,399 1.7%
Net Revenue(2) 374,873 291,241 6,325,012 5,291,353 20%
Operating Income (Loss)(3) 12,681 (27,966) 208,496 (496,573) nm
Net Income (Loss) attributable to Lesaka(3) 2,758 (90,957) 39,838 (1,645,521) nm
Group Adjusted EBITDA(2)(3) 75,742 49,822 1,274,588 906,573 41%
Basic Earnings (Loss) per Share(3) 0.03 (1.19) 0.51 (20.12) nm
Adjusted Earnings(2)(3) 32,232 9,124 539,279 163,752 229%
Adjusted Earnings per Share(2)(3) 0.39 0.12 6.51 2.10 210%
USD ZAR
Segment Level (In thousands) (In thousands)
FY26 FY25 FY26 FY25 YoY%
Merchant
Revenue 509,335 526,600 8,609,898 9,562,360 (10%)
Net Revenue(2) 183,233 164,846 3,096,246 2,995,106 3%
Segment Adjusted EBITDA(3) 35,533 35,329 601,573 641,509 (6%)
Consumer
Revenue 142,631 96,008 2,401,720 1,744,429 38%
Segment Adjusted EBITDA 46,193 23,949 775,027 435,193 78%
Enterprise
Revenue 74,730 42,554 1,255,617 773,057 62%
Net Revenue(2) 54,151 35,848 913,319 651,265 40%
Segment Adjusted EBITDA 8,119 1,287 136,164 23,724 474%
(1) Average exchange rates for FY2026 and for FY2025 were ZAR 16.91 to $1 and ZAR 17.90 to $1, respectively.
(2) Non-GAAP measure. Refer to Attachment A of press release for full reconciliation of non-GAAP measures.
(3) Revised FY2025 amounts to correct the errors discussed in Note 1 of our Form 10-K for the year ended June 30, 2026. Also
refer to Immaterial revision of prior period information section below.
Q4 2026 performance1:
All growth rates are calculated on a year-on-year basis between Q4 2026 and the fourth quarter of FY2025 (“Q4 2025”).
USD ZAR
(In thousands, except per (In thousands, except per
Group Level share data) share data)
Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 YoY%
Revenue 188,321 168,467 3,104,689 3,080,538 0.8%
Net Revenue(2) 98,496 82,005 1,623,810 1,498,721 8%
Operating Income(3) 6,309 (28,610) 104,071 (509,603) nm
Net Income (Loss) attributable to Lesaka (3) 3,219 (31,298) 52,895 (559,721) nm
Group Adjusted EBITDA(2)(3) 22,258 16,509 366,855 301,768 22%
Basic Earnings (Loss) per Share(3) 0.04 (0.39) 0.66 (6.97) nm
Adjusted Earnings(2)(3) 12,072 4,057 198,709 74,695 166%
Adjusted Earnings per Share(2)(3) 0.15 0.05 2.40 0.90 166%
USD ZAR
Segment Level (In thousands) (In thousands)
Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 YoY%
Merchant
Revenue 123,388 128,958 2,034,628 2,358,795 (14%)
Net Revenue(2) 44,199 44,396 728,804 811,626 (10%)
Segment Adjusted EBITDA(3) 7,421 10,010 122,404 182,890 (33%)
Consumer
Revenue 40,614 27,911 669,465 509,834 31%
Segment Adjusted EBITDA 15,375 8,878 253,338 161,880 56%
Enterprise
Revenue 26,103 12,295 430,005 224,649 91%
Net Revenue(2) 15,467 10,395 254,950 190,001 34%
Segment Adjusted EBITDA 3,302 823 54,394 15,309 255%
(1) Average exchange rates for Q4 2026 and for Q4 2025 were ZAR 16.49 to $1 and ZAR 17.87 to $1, respectively.
(2) Non-GAAP measure. Refer to Attachment A of press release for full reconciliation of non-GAAP measures.
(3) Revised Q4 FY2025 amounts to correct the errors discussed in Note 1 of our Form 10-K for the year ended June 30, 2026.
Also refer to Immaterial revision of prior period information section below.
Commenting on the results, Lesaka Executive Chairman Ali Mazanderani said, “I am delighted that Lesaka delivered on all
of its FY2026 guidance metrics, exceeded the top end of our Adjusted EPS guidance range and achieved full-year GAAP
profitability for the first time since Lesaka was effectively created in 2022. FY2026 was a milestone year for Lesaka, and we enter
FY2027 with real momentum and a platform built for strong, sustainable growth. Looking ahead, I am pleased to share our medium-
term ambitions, which includes Adjusted EPS CAGR in excess of 40% over the next three years.”
Outlook: First Quarter 2027 (“Q1 2027”) and Full Fiscal Year 2027 (“FY 2027”) guidance
While we report our financial results in USD, we measure our operating performance in ZAR, and as such we provide our
guidance accordingly.
For FY2027, the year ending June 30, 2027, we expect:
- Net Revenue between ZAR 7.0 billion and ZAR 7.7 billion
- Group Adjusted EBITDA between ZAR 1.45 billion and ZAR 1.60 billion
- Adjusted earnings per share between ZAR 7.50 and ZAR 8.50
For Q1 FY2027, the quarter ending September 30, 2026, we expect:
- Net Revenue between ZAR 1.58 billion and ZAR 1.66 billion
- Group Adjusted EBITDA between ZAR 200 million and ZAR 240 million
- Adjusted earnings per share between ZAR 0.40 and ZAR 0.60
Q1 FY2027 guidance reflects both seasonality and expected once-off restructuring costs in the merchant business.
FY2027 guidance includes the impact of the pending Bank Zero acquisition (subject to regulatory approval by the Financial
Surveillance Department of the South African Reserve Bank and other customary closing conditions) and excludes any
unannounced mergers and acquisitions that we may conclude.
We have provided outlook regarding Net Revenue, Group Adjusted EBITDA and Adjusted earnings per share, which are non-
GAAP financial measures and exclude certain revenue and charges. We have not reconciled these non-GAAP financial
measures to the corresponding GAAP financial measures because guidance for the various reconciling items is not provided.
We are unable to provide guidance for these reconciling items because we cannot determine their probable significance, as
certain items are outside of the control of Lesaka and cannot be reasonably predicted since these items could vary significantly
from period to period. Accordingly, reconciliations to the corresponding GAAP financial measures are not available without
unreasonable effort.
Earnings Presentation for Q4 FY2026 Results
Our earnings presentation will be posted to the Investor Relations page of our website prior to our earnings call.
Webcast Registration
Link to access the results webcast: https://www.corpcam.com/Lesaka10092026
Participants using the webcast will be able to submit questions during the live Question and Answer session. Link to
conference call dial-in registration via Chorus Call:
https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=7689509&linkSecurityString=174b56
677f
Dial in details and individual pin to be provided on registration. Participants using the conference call dial-in will be able to ask
their questions during the live Question and Answer session.
Following the presentation, an archived version of the webcast will be provided on Lesaka’s Investor Relations website.
Immaterial revision of prior period information
While preparing our Annual Report on Form 10-K for the year ended June 30, 2026, we determined that certain intercompany
transactions processed in previous periods were incorrectly recorded, and which resulted in the incorrect amount of deferred
income taxes recorded in our consolidated balance sheet, consolidated statements of operations, consolidated statement of
comprehensive loss, consolidated statement of changes in equity, consolidated statement of cash flows and related notes to
the consolidated financial statements included in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q since
June 30, 2025, and these filings were incorrect.
We also determined that the presentation of the number of shares and amounts used for common stock and treasury shares
and the amount of additional paid-in capital in our consolidated balance sheets and consolidated statement of changes in
equity and related notes to the consolidated financial statements included in previously filed Annual Reports on Form 10-K and
Quarterly Reports on Form 10-Q since June 30, 2006, were incorrect. In these previous filings, shares of our common stock
repurchased by us were incorrectly presented as treasury shares. Under the Florida Business Corporation Act, shares acquired
directly by the issuing corporation are restored by operation of Florida law to the status of authorized but unissued shares.
However, shares repurchased by a company are presented as treasury shares if (i) there is a provision in a corporation’s articles
of incorporation designating the repurchase of a corporation’s shares as treasury shares, or (ii) in the case of a corporation
whose shares are registered on a national securities exchange, the repurchased shares that have been designated as treasury
shares in the corporation’s bylaws or in resolutions of its board of directors. Shares repurchased by us were not designated as
treasury shares under (i) or (ii) as described in the preceding sentence.
We assessed the materiality of these errors and changes in presentation on prior period consolidated financial statements in
accordance with SEC Staff Accounting Bulletin (“SAB”) No. 99“Materiality” and SAB No. 108, “Considering the Effects of Prior
Year Misstatements when Quantifying Misstatements in the Current Year Financial Statements”. Based on this assessment,
we concluded that previously issued financial statements were not materially misstated based upon overall considerations of
both quantitative and qualitative factors.
For additional information refer to Note 1 to our Form 10-K for the year ended June 30, 2026, as filed with the SEC.
Headline earnings (loss) per share (“HEPS”)
The inclusion of HEPS in this results announcement is a requirement of our listing on the JSE. HEPS basic and diluted is
calculated using net income (loss) which has been determined based on GAAP. Accordingly, this may differ to the headline
earnings (loss) per share calculation of other companies listed on the JSE as these companies may report their financial results
under a different financial reporting framework, including but not limited to, International Financial Reporting Standards.
The table below presents our HEPS for Q4 2026 and Q4 2025:
Q4 Q4
2026 2025
Net income (loss) used to calculate headline earnings (loss) (USD’000) (A) ................................. 4,212 (12,444)
Headline earnings (loss) per share: ........................................................................
Basic, in USD ............................................................................................ 0.05 (0.15)
Diluted, in USD........................................................................................... 0.05 (0.15)
(A) Revised FY2025 amounts to correct the errors discussed in Note 1 of our Form 10-K for the year ended June 30, 2026.
The table below presents our HEPS for F2026 and F2025:
F2026 F2025
Net income (loss) used to calculate headline earnings (loss) (USD’000) (A) ................................. 7,415 (72,085)
Headline earnings (loss) per share: ........................................................................
Basic, in USD ............................................................................................ 0.09 (0.94)
Diluted, in USD........................................................................................... 0.09 (0.94)
(A) Revised FY2025 amounts to correct the errors discussed in Note 1 of our Form 10-K for the year ended June 30, 2026.
Results announcement released in the US and unaudited condensed consolidated financial statements
The full results announcement released in the U.S. and our unaudited condensed consolidated financial statements are
available at https://senspdf.jse.co.za/documents/2026/JSE/ISSE/LSKE/Q4Res2026.pdf and have been published on Lesaka’s
website at www.lesaka.tech. Any investment decision by investors and/or shareholders should be based on consideration of
the U.S. results announcement and its recently published unaudited condensed consolidated financial statements.
About Lesaka Technologies, Inc. (www.lesaka.tech)
Lesaka operates a South African fintech company driven by a purpose to provide financial services, software and other business
services to Southern Africa's underserviced consumers and merchants. We offer an integrated and holistic multiproduct
platform that provides transactional accounts, lending, insurance, merchant acquiring, cash management, software and
Alternative Digital Products (“ADP”). We provide targeted solutions and integrations to facilitate payments between consumers,
merchants, and enterprises. By providing a full-service fintech platform in our connected ecosystem, we facilitate the
digitization of commerce in our markets.
Lesaka has a primary listing on NASDAQ (NASDAQ:LSAK) and a secondary listing on the Johannesburg Stock Exchange (JSE:
LSK). Visit www.lesaka.tech for additional information about Lesaka.
Forward-Looking Statements
This press release contains certain statements that may be considered forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended,
and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act
of 1995, as amended. Such statements may be identified by their use of terms or phrases such as “expects,” “estimates,”
“projects,” “believes,” “anticipates,” “plans,” “could,” “would,” “may,” “will,” “intends,” “outlook,” “focus,” “seek,”
“potential,” “mission,” “continue,” “goal,” “target,” “objective,” derivations thereof, and similar terms and phrases. Forward-
looking statements are based upon the current beliefs and expectations of our management and are inherently subject to risks
and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ
materially from those set forth in, contemplated by, or underlying the forward-looking statements. In this press release,
statements relating to future financial results and future financing and business opportunities are forward-looking statements.
Additional information concerning factors that could cause actual events or results to differ materially from those in any
forward-looking statement is contained in our Form 10-K for the fiscal year ended June 30, 2026, as filed with the SEC, as well
as other documents we have filed or will file with the SEC. We assume no obligation to update the information in this press
release, to revise any forward-looking statements or to update the reasons actual results could differ materially from those
anticipated in forward-looking statements.
Investor Relations and Media Relations Contacts:
Idris Dungarwalla
Email: idris.dungarwalla@lesakatech.com
Media Relations Contact:
Ian Harrison
Email: Ian@thenielsennetwork.com
Johannesburg
September 10, 2026
Sponsor:
Rand Merchant Bank, a division of FirstRand Bank Limited
Date: 10/09/2026 07:05:00
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